Succesful Placement in Difficult Market
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Cambridge Silicon Radio (CSR) had a successful placement of 13% of its shares. The Bluetooth chip provider laid the transaction in a difficult week for markets and chip makeres in general. The original offer was increased by 10% of the existing shares. £57.7m was raised instead of the expected £45m. The shares were all placed with institutional investors. Virgin Mobile has had to drop the size of its offering and Intel reported bad news last week. CSR originally floated on the London Market in February ate 200p. The valuation on the company was £240m. A market share of 40% pushed the share price to 450p last month. Bluetooth is increasingly seen in mobile phone handsets and headsets.
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